Economic Policy

How poor is poor? The many dimensions of poverty in the UK

It is estimated that over 14 million people live in poverty in the UK. But how do we define poverty and how do we go about measuring it? Deniz Sevinc argues that the current emphasis on income alone results in partial insights into who experiences poverty in Britain and in what ways. This partial understanding makes it almost impossible […]

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    Many Labour MPs have still to unequivocally reject ‘roll-out’ neoliberalism

Many Labour MPs have still to unequivocally reject ‘roll-out’ neoliberalism

Chuka Umunna recently defended the last Labour government against a left-wing critique that its modus operandi was fundamentally neoliberal. Ewan Gibbs and Sean Kippin argue this does not consider the nature of neoliberalism, particularly the distinction between its ‘roll-back’ and ‘roll-out’ variants. They argue that New Labour’s approach was indeed of the latter type.

Chuka Umunna, one of the more […]

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    Machonomics: George Osborne’s legacy to UK macroeconomic governance

Machonomics: George Osborne’s legacy to UK macroeconomic governance

George Osborne was a purveyor of machonomics, an approach to economic policy-making revolving around seemingly bottomless reserves of macho self-confidence, writes Matthew Watson. Here he argues that Osborne modelled himself in this way on the optimal policy-maker of the so-called time consistency problem of abstract economic theory.

George Osborne was always accused of having lived a charmed life by those […]

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    The Contradictions of Capital in the Twenty-First Century: The Piketty Opportunity

The Contradictions of Capital in the Twenty-First Century: The Piketty Opportunity

In The Contradictions of Capital in the Twenty-First Century: The Piketty Opportunity, editors Pat Hudson and Keith Tribe bring together contributors to respond to, and build upon, the possibilities offered by Thomas Piketty’s Capital in the Twenty-First Century. While George Maier would have welcomed more attention on the broader cultural, political and social facets of inequality beyond an economic […]

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    Asylum seekers in Britain: putting the economic ‘pull factor’ in context

Asylum seekers in Britain: putting the economic ‘pull factor’ in context

Asylum seeking is now widely construed as a primarily economic rather than political phenomenon. Lucy Mayblin explores how the ‘pull’ factor of economic migration is exaggerated in the British context, and unpicks some of the myths behind it.

Since the early 1990s asylum policy in wealthy states, particularly in Europe, has become increasingly dominated by the concept of the ‘pull factor’. That […]

LSE British Politicast Episode 2: Austerity Economics and Central Banking

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In this episode, we focus on austerity economics and the role of central banks in times of financial crisis. The UK coalition government embarked on a programme of spending cuts when it came to power in 2010. Since then many economists and academics have argued that the intellectual justification for austerity has crumbled […]

Given the enormity of the short- and long-run fiscal challenges facing the US, the lack of policy detail from both presidential candidates is disappointing

In the second part of their analysis of US policy responses to the economic recession, Ethan Ilzetzki and Jonathan Pinder examine the policy efforts aimed at reducing US public debt. They argue that proposals put forward by both presidential candidates are woefully short of specifics. Given the UK’s approach to tackling government debt, this analysis provides reasons for having a clear […]

Monetary or fiscal stimulus can help only if unemployment is cyclical; otherwise, if unemployment is structural expansionary policies will lead only to inflation. Careful recent analyses indicate that unemployment is mainly cyclical in the US

Ethan Ilzetzki and Jonathan Pinder examine the US economic woes since the beginning of the recession and the policy response aimed at fighting unemployment. They find that monetary or fiscal stimulus can help only if unemployment is cyclical and that unemployment (now at 7.8%) is indeed mainly cyclical. The examination of the US experience provides valuable insight for the UK experience, […]